NerdWallet is an American personal finance website that helps people make and manage financial decisions. Its free comparison tools and advice make it simple to choose the best financial products and services (think credit cards and insurance) and tackle major life goals, like buying a house, saving for retirement or paying off student debt. Founded in 2009, the company by 2016 had a valuation of $550 million and projected revenue of about $100 million.
NerdWallet was founded in August 2009 by CEO Tim Chen and Jacob Gibson. Its first product was a web application that gave comparative information about credit cards being offered by banks. In exchange for new customers, the sponsoring banks paid NerdWallet a success fee. CNNMoney listed NerdWallet on its Top 20 Best Money Sites in 2010 and a 2014 The New York Times article described the website as "worth a look."
In March 2014, former LinkedIn VP Dan Yoo replaced co-founder Gibson, as chief operating officer. Flo Thinh joined as VP of Talent and the company drew 30 million users to its website. By 2015 the company had 200 employees and added Vikram Pandit and James D. Robinson III to its board of advisors. That year it raised $64 million in its first round of funding at an estimated valuation of $500 million and acquired a $36 million revolving loan. By May 2015 the company had developed business relationships with eight banks and a dozen insurance companies. Co-founder Chen reported that the company was profitable by virtue of the fees it earned matching users with financial products and services.
Products and services
The company's goal is to provide information that educates consumers in making financial decisions. Its web site is directed towards millennials and its comparison tools provide information on credit card selection, college loans, banking, mortgage loans, stock trading and insurance policies.